Next Generation Partners

Capital markets: debt in Netherlands

Allen & Overy LLP

The debt capital markets practice at Allen & Overy LLP is well-known for its strong capabilities advising clients on the full range of related transactions. Managing partner of the firm’s Amsterdam office Jonathan Heeringa is at the team’s helm; he has a particular focus on matters involving corporate hybrid issues, regulatory capital issues by banks and insurance companies, and ESG and sustainability-linked bonds. The team’s high-value caseload features advising on convertible and exchangeable bond issues; debt programmes and drawdowns; liability management transactions; securitisations; and covered bond issues. Sophia Evenhuis is a senior associate to note, with developing expertise in international capital markets.

Practice head(s):

Jonathan Heeringa

Other key lawyers:

Sophia Evenhuis


‘Excellent. They held our hand through the processes and helped us to identify where we could be more pragmatic.’

‘Jonathan Heeringa has done a great job for us. He is always ready to give advice with the right context in a fair but pragmatic way.’

Key clients

ASR Nederland N.V.

Koninklijke KPN N.V.


De Volksbank N.V.

Arcadis N.V.

Athora Netherlands N.V.

NN Group N.V.

Randstad Holding N.V.

Koninklijke Ahold Delhaize N.V.

De Goudse N.V.

Work highlights

  • Assisting ASR Nederland in connection with a Tier 2 bond issue, the proceeds of which will be used to finance the acquisition of Aegon N.V.’s Dutch insurance business activities.
  • Assisting ABN AMRO Bank N.V. in its inaugural role as Tokenisation Agent in connection with the inaugural digital bonds issue by an APOC Leasing B.V.
  • Assisting Athora Holding Ltd in connection with its inaugural Tier 3 issuance.

Clifford Chance

Clifford Chance’s debt capital markets practice is led by the ‘very experienced’ Jurgen Van Der Meer, who brings to bear his expertise in the array of global financial markets matters. Its client portfolio includes internationally and domestically renowned banks, such as Citibank, Deutsche Bank AG, and J.P. Morgan SE. The team advises on cases involving the range of products, including Eurobonds, Green Bonds, regulatory capital, senior and subordinated debt issuances, and bail-in capital for banks and insurance companies. Its workload is formed of high-profile and often ultra-high-value cases, which are frequently cross-border in nature. Van Der Meer is ably supported by banking and securities specialist senior counsel Tineke Kothe and counsel Dewi Walian.

Practice head(s):

Jurgen van der Meer

Other key lawyers:

Tineke Kothe; Dewi Walian; Marina Sarkisjan


‘The team has great in-depth knowledge and good availability. They are experienced and innovative.’

‘Marina Sarkisjan is guiding and diligent.’

‘The Clifford team is very knowledgeable in the debt capital markets field in the Netherlands.’

‘Jurgen van der Meer has a great in-depth knowledge, and is a very experienced and detailed problem solver.’

‘The team is responsive and able to provide quick advice.’

Key clients


Coöperatieve Rabobank U.A. (Rabobank)

Bank of America Securities


J.P. Morgan SE

Stedin Holding N.V.

de Volksbank

ING Bank N.V.

NatWest Markets

Deutsche Bank AG


BNP Paribas

Work highlights

  • Advised the Managers on Arcadis’ debut issue of €500m note, which are listed on the Luxembourg Stock Exchange.
  • Advised NatWest Markets N.V. on its tender offer in respect of two series of outstanding notes; NatWest offered to purchase $135.6m of 7.750% subordinated series B deposit notes due 2023 at $1,028 and $150m of 7.125% subordinated series B deposit notes due 2093 at $1,647, all for cash.
  • Acted for BNP Paribas, Bank of America, Deutsche Bank, ING, Goldman Sachs, Wells Fargo and other managers in connection with the inaugural green bond issue by Koninklijke Ahold Delhaize N.V. of €500m 3.50% Notes due 2028.


The vastly experienced Pim Horsten is at the head of Linklaters’ debt capital markets team, which is co-headed by counsel Hugo van der Molen. It advises such well-known clients, namely in the banking industry, as J.P. Morgan, Barclays, and HSBC. Its cross-jurisdictional, high-value and complex workload features a variety of advisory work on the range of regulatory capital issues and debt capital markets funding work, including assisting with dual tranche issuances, green bonds, EMTNs, and securities.

Practice head(s):

Pim Horsten; Hugo van der Molen


‘Hugo van der Molen is a valuable team member, who brings a lot of regulatory capital knowledge.’

‘The service level of each team member is unrivalled.’

Key clients


J.P. Morgan


Deutsche Bank

NatWest Markets




BoFA Securities

Work highlights

  • Advised J.P. Morgan and HSBC on NN Group’s Green Tier 2 Notes offerings combined with a cash tender offer for outstanding Notes.
  • Advised Barclays and the other Managers on the issuance by KPN of Perpetual Fixed Rate Resettable Capital Securities combined with a cash tender offer for outstanding Capital Securities.
  • Advised HSBC and the other Managers on the issuance by Heineken N.V. of in aggregate €2bn Notes under its €20bn Euro Medium Term Note Programme.

Simmons & Simmons

Simmons & Simmons’ ‘close knit, experienced’ debt capital markets cohort is led by Peter Voorhees, and has impressive capabilities advising its plethora of clients, including such names as The Dutch State, Citigroup and Heineken, on the broad array of high-value work, which is often international in scope. It assists on matters involving complex debt issuances; bond issues; medium-term note, commercial paper and structured finance programmes; and liability management transactions. Additionally, the team has experience in equity-related issues. Counsel Shari Taylor Molloy has developing experience advising financial and multinational institutions on the range of work, and Rosa Temminghoff is a noteworthy associate.

Practice head(s):

Peter Voorhees

Other key lawyers:

Shari Taylor Molloy; Rosa Temminghoff


‘The close-knit, experienced team is able to smoothly assist and guide through the various steps and potential pitfalls in prospectus update process. Great communication.’

‘Lead partner Peter Voorhees is highly effective and very pleasant to work with. He is very experienced and knows the game.’

Key clients

ING Bank


BNG Bank


The Dutch State

NWB Bank

Van Lanschot Kempen

NatWest Markets



Work highlights

  • Acted for Heineken N.V. as Issuer in connection with the update of its €20bn Euro Medium Term Note Programme and its €2bn bond issues thereunder, which funded the acquisition of breweries across Africa.
  • Acted for BNG Bank N.V. as Issuer in connection with the update of its €100bn Debt Issuance Programme and multiple issuances thereunder – such as its USD 1.5bn 3.50% (Sustainability) Bonds due 19 May 2028.
  • Acted for ING Bank N.V. on its EUR 25bn Global Issuance Programme, ING’s leading debt issuance platform.

De Brauw Blackstone Westbroek

The practice at De Brauw Blackstone Westbroek frequently advises its roster of clients on the full range of debt capital markets matters; its cases consistently involve multi-millions in value. Promoted to partner in January 2023, Bas Boutellier leads the practice, taking the place of former team leader Niek Biegman, who remains at the firm and works from its London office. It advises its clients who span such industry sectors as banking, publishing, and energy, on often cross-jurisdictional work including debt issuances, notes issuances, bond restructurings and repurchases, and refinancing. Lisa de Boer is a senior associate to note.

Practice head(s):

Bas Boutellier

Other key lawyers:

Lisa de Boer


‘The DeBrauw team excels in understanding its clients needs, and acting proactively to provide practical advice and guidance.’

‘They are a great support. The team communicates clearly and does not overly legalize matters where it’s not necessary. The team works very efficiently and does not waste time on irrelevant items.’

‘The team is composed of a diverse range of high-quality, pleasant to work with individuals.’

‘Bas Boutellier is very engaged and knowledgeable, and provides excellent guidance and hands-on advice. Lisa de Boer is very much on top of things, and solves issues proactively. Both are an absolute joy to work with.’

‘A highly-skilled practice that is capable of advising on debt practice.’

‘The team can adapt swiftly to new changes and preferences of the company and they show high expertise, efficiency and swift communication and engagement along with the company’s preferences.’

‘The team is formed of highly skilled individuals, capable of advising on debt practice in relation to very specific company structures.’

Key clients


AGCO Corporation

AkzoNobel N.V.

APAX Partners

APG Group

BC Partners

BME Group (Blackstone-owned)

Centerbridge Partners

Coöperatieve Rabobank U.A.

CVC Capital Partners

Friesland Campina


G Square Capital

Goldman Sachs International

Holland Casino

HollyFrontier Corporate (NYSE: HFC)


ING Group N.V. / ING Bank N.V.


National grid operator TenneT


Premier Oil plc

Providence Equity LLP


Royal Ahold Delhaize

Royal BAM Group N.V.

Royal Dutch Shell plc

Royal Philips N.V.


The Central Bank of Curacao and Sint Maarten

UBS Bank

Waterland Private Equity

Work highlights

  • Assisting ASR Nederland in connection with a Tier 2 bond issue. The use of proceeds of the bond issues will be used to finance the acquisition of Aegon N.V.’s Dutch insurance business activities.
  • Assisting ABN AMRO Bank N.V. in its inaugural role as Tokenisation Agent in connection with the inaugural digital bonds issue by an APOC Leasing B.V.
  • Assisting Athora Holding Ltd in connection with its inaugural Tier 3 issuance.


NautaDutilh’s debt capital markets practice is well-equipped to advise its roster of clients, being companies, underwriters and investors, in the variety of matters. Its caseload includes offering support through public and private equity and debt offerings and listings on Euronext Amsterdam and internationally. It also advises on multi-tranche green bonds, notably having done so for De Volksbank. The team is under all-female leadership, with Petra Zijp, ECM and DCM-experienced practitioner Antonia Netiv, and New York-based Elizabeth Van Schilfgaarde, who has a particular focus advising on Dutch aspects of US originated cross-border transactions, at its helm. Sabrina Legerstee is an impressive senior associate.

Practice head(s):

Petra Zijp; Antonia Netiv; Elizabeth van Schilfgaarde

Other key lawyers:

Sabrina Legerstee; Mariëlle van Nimwegen

Key clients

Prosus N.V. No

ENEL Finance International N.V.

GlaxoSmithKline plc

De Volksbank N.V.

Nederlandse Waterschapsbank N.V.

Mercedes Benz International Finance B.V.

Petrobras Global Finance B.V.

Arcos Dorados Holdings Inc


H&M Hennes & Maurits AB (publ) & H&M

Finance B.V.

Unibail Rodamco Westfield S.E.

Work highlights

  • Assisted Mercedes-Benz International Finance B.V. with the issuance of multiple tranches of (Green) CNY-denominated Panda bonds totaling CNY 3.5bn.
  • Assisted de Volksbank with the issuance of €500m green senior non-preferred notes.
  • Advises Mexican bottler and convenience store operator FEMSA in its €500m offering of bonds exchangeable into Heineken Holding shares and its simultaneous €3,2bn accelerated bookbuild offering (ABB) of Heineken and Heineken Holding shares.

Hogan Lovells International LLP

The team at Hogan Lovells International LLP is experienced in advising on issues surrounding covered bonds, dual tranche bonds, and a variety of related transactions. The deal values therein are consistently in the multi-millions of euros, and are regularly cross-jurisdictional in nature, namely featuring the UK. Finance and capital markets specialist Robert Masman and acquisition and real estate financing-focused practitioner Wouter Jongen co-head the practice. Senior associate Yvette Voermans departed in September 2022 to an in-house position.

Practice head(s):

Robert Masman; Wouter Jongen

Other key lawyers:

Dylan Goedegebuure; Iléne Baltes


‘A highly knowledgeable team that is a pleasure to work with.’

‘Robert Masman is highly knowledgeable and a pleasure to work with.’

‘The Hogan Lovells capital markets team is a well-functioning collaboration between a number of bright individuals.’

‘The team work well together, supporting each other across the hierarchy of practitioners. They deliver in a flawless and competent manner.’

‘Robert Masman is solid in his advice and makes sure all drafting is delivered in a timely way.’

‘Robert Masman was very accurate in his commenting on other parties’ drafts, always with the clients’ best interest in mind.’

‘Robert Masman made sure the team was on top of certain regulatory obligations, which would not otherwise have been known throughout the organization due to retention and movements within the team.’

Key clients

ING Bank N.V.


Coöperatieve Rabobank U.A.

Bank of America Merrill Lynch Group


LeasePlan Corporation N.V.

Volkswagen Pon Financial Services B.V.

BNP Paribas SA

BNP Paribas UK Limited

Work highlights

  • Advising Schiphol on a tender offer for certain of its outstanding notes under its EMTN programme.
  • Advising ING Bank N.V. as issuer drafting counsel in relation to the update of ING’s 45bn Retained Covered Bond Programme 2 and ING’s 30bn Hard & Soft Bullet Covered Bond Programme.
  • Advising ABN AMRO Bank N.V. as issuer drafting counsel in relation to the update of ABN AMRO’s 40bn Covered Bond Programme and ABN AMRO’s 40bn Covered Bond Programme 2.

Loyens & Loeff

The debt capital markets team at Loyens & Loeff is co-led by Martijn Schoonewille, who is equipped to advise on the legal and financial regulatory elements of their transactions and businesses, and debt and equity specialist Michel Van Agt. The team assists its array of clients on such matters as high-value notes issuances, and in the more general management of their debt positions. Its caseload often involves multiple jurisdictions.

Practice head(s):

Martijn Schoonewille; Michel van Agt


‘Proactive and efficient.’

‘An effective and fast team.’

Key clients




Owens Illinois (OI European Group B.V.)


Alcon/Alcon Finance BV



Infopro Group

Merrill Lynch

Work highlights

  • Assisted Mondelez International Inc. with its 2022 notes issuance which consisted of $500m 4.250% notes due 2025 issued by Mondelez International Holdings Netherlands B.V. and guaranteed by Mondelez International Inc.
  • Assisted OI European Group B.V. on a tender offer and private issuance of €600m aggregate principal amount of senior notes due 2028.
  • Assisted Infopro Group on a public issuance by IPD 3 B.V. of €975m aggregate principal amount of senior secured notes due 2028, consisting of €500m 8% senior secured notes and €475m senior secured floating rate notes.


The debt capital markets practice at Stibbe is headed up by ESG and sustainable finance-focused practitioner Marieke Driessen; London-based Rein van Helden; and real estate work-related specialist Maarten de Bruin. The team advises on the range of work, including in matters involving issuances of structured noted, regulatory capital instruments and green bonds, in often multi-jurisdictional contexts. It also advises banks on securitisations.

Practice head(s):

Marieke Driessen; Rein van Helden; Maarten de Bruin

Other key lawyers:

Niek Groenendijk

Key clients


Bain Capital



BNP Paribas

British American Tobacco



Credit Suisse

DBRS Ratings

Deutsche Bank

European Investment Bank


Groupe PSA


J.P. Morgan

Goldman Sachs


Morgan Stanley



SBM Offshore


Work highlights

  • Advising NIBC Bank on its EMTN programme, including issuances thereunder of €500m regulatory capital instruments.
  • Advising Frigoglass on the consensual recapitalisation and financial restructuring of the Frigoglass Group, including the issue of €75m new first lien senior secured notes due 2026 and €150m of senior secured second lien notes due 2028, cancelling existing €260m senior secured notes due 2025.